{"schema_version":"secwatch.filing_event.v1","accession":"0001408534-24-000025","form_type":"8-K","ticker":"FGBI","cik":"0001408534","company_name":"First Guaranty Bancshares, Inc.","filed_at":"2024-04-03T23:59:59+00:00","discovered_at":"2026-05-14T18:03:18.286071+00:00","generated_at":"2026-06-04T02:48:08.587355+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"FGBI issues $30M subordinated note to director-affiliated purchaser","bullets":["$30M subordinated note issued to Smith & Tate Investment, L.L.C., controlled by director Edgar Ray Smith III.","Floating rate at Prime + 75 bps; ten-year term maturing March 28, 2034.","Note is unsecured, subordinated, and qualifies as Tier 2 capital for regulatory purposes.","Proceeds to repay existing debt, support Bank capital needs, and for general corporate purposes."],"urls":{"canonical":"https://secwatch.observer/filing/0001408534-24-000025","json":"https://secwatch.observer/filing/0001408534-24-000025.json","markdown":"https://secwatch.observer/filing/0001408534-24-000025.md","text":"https://secwatch.observer/filing/0001408534-24-000025.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1408534/000140853424000025/0001408534-24-000025-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1408534/000140853424000025/fgbi-20240328.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-04T02:48:08.587355+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"69f17c7ef23fbe6a9a9095a94e2bd38d1d4dcecf","claim":"First Guaranty Bancshares, Inc. incurred senior notes of $30.0 million with Smith & Tate Investment, L.L.C. at Prime Rate plus 75 basis points maturing March 28, 2034.","evidence_excerpt":"On March 28, 2024, First Guaranty Bancshares, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Agreement”) with Smith & Tate Investment, L.L.C. (the \"Purchaser\"), a company controlled by Edgar Ray Smith III, a director of the Company. The Company issued a $30.0 million subordinated note (the “Note”) to the Purchaser in a private placement.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1408534/000140853424000025/0001408534-24-000025-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"senior notes"},{"label":"Principal","value":"$30.0 million"},{"label":"Counterparty","value":"Smith & Tate Investment, L.L.C."},{"label":"Rate","value":"Prime Rate plus 75 basis points"},{"label":"Maturity","value":"March 28, 2034"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"1a263b7783fb97e097ada0e231f3fe51a4ef30c3","claim":"First Guaranty Bancshares, Inc. entered into Subordinated Note Purchase Agreement with Smith & Tate Investment, L.L.C. valued at $30.0 million (effective 2024-03-28).","evidence_excerpt":"On March 28, 2024, First Guaranty Bancshares, Inc. (the “Company”) entered into a Subordinated Note Purchase Agreement (the “Agreement”) with Smith & Tate Investment, L.L.C. (the \"Purchaser\"), a company controlled by Edgar Ray Smith III, a director of the Company. The Company issued a $30.0 million subordinated note (the “Note”) to the Purchaser in a private placement.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1408534/000140853424000025/0001408534-24-000025-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Smith & Tate Investment, L.L.C."},{"label":"Value","value":"$30.0 million"},{"label":"Effective","value":"2024-03-28"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}